What's the panic? You are guaranteed to get your money, right? The saving were insured, right? So it's just time. And in that time, you won't be spending it, which is the point of savings, right? Now, if you deposited it in an un-insured account, I would be freaking out, but I'm assuming it is insured. So relax, and take this as a chance to get creative with 8 pounds a day. A LOT of people live on less then that a week.
I'd say buy as much gold as you can and then put it in a Pvc pipe and bury it. Then get a dog and a nice 12 gauge Shotgun for backup.
im sorry this has happened to you, but out of curiosity will that money still be incuring interest while you wait to be able to claim it back
Only for those who bought for short term profits are finding real estate a bad investment. Those same ****s that pushed home prices to at least double their actual work, helping to escalate the current crisis. The markets will return, and home prices will gradually rise again, bricks and mortar will always be a safe long term investment/saving.
Sorry, I was referring to the FSA compensation scheme - the fact that the first however much is covered by the Icelandic government and the rest from the govt here put me off.
seriously starting to think about redrawing my savings and sitting on them, hell i might not make money as i wont have an interest rate with it at home, but at least i wont lose money! more and more banks are starting to go under, but there small banking names. The day i see lloyds TSB or abbey go under, im packing my bags with cash to head for board to another country!
Atleast you are not living in Iceland..we are going down the **** hole alright.. Time to jump ship =')
Hopefully my moneys safe... They've just opened a new bank here in NZ too, makes you wonder how they're gonna take off when everyone else is crashing and burning
TBH its fairly pointless since if the worst does happen your only with out your money for 6mths if the worst doesn't happen then your cash is still generating interest. I'd be more worried about RBS if i were you abbey's already gone and Lloyds (last time i checked) doesn't have the same number of private customers as RBS once you include subsidiaries.
I'm with RBS, have been since my first round of student years. I don't have any savings or any debts thogh, just my mortgage. Thankfully, the value of the property far outweighs the mortgage debt so I should be fine no matter what. Such strange times we're living in though.
Same here, All our "savings" are just extra money that comes off the house, or goes towards improvements. Our mortgage is only for 75%, so we're relatively safe. Even if the housing market does crash, Over a long enough period, the value should always go up, thus outpacing any negative equity we may accrue.
when you can't sell, you rent. property ALWAYS is a winner. (most councils have just literally doubled their social security rates for landlords, due to the massive increase in demand caused by people getting turfed from their houses. it's an epic win for guys with property)
Only thing being that gold is at an almost year high at the minute I think. You could well lose money if you plan to spend your savings in the next year or so.
Yeah, but at least you won't lose all of it. QFT. Even though our home has lost 10% in value over the last 6 months, it is still almost twice the value we paid for it seven years ago. Am I bothered? No. There is a long, long way to go before we get anywhere near negative equity. Moreover, as our house price goes down, so do all the others --but the more expensive ones drop relatively more. Thus the discrepancy in price between ours and the next property up is shrinking drastically, making it easier to trade up. Add to that the fact that carelessly overambitious landlords with collapsing portfolios are ditching devaluing properties like crazy. You wouldn't believe some of the bargains you can snap up right now. Add to that the recent slash in interest rates, and our mortgage repayments are going down also. Epic win all the way.
It's a shame i don't have enough Cheesecake to snap up more bargains Not an epic win, just unavailable opportunities
basically right now, if you have been saving with intent to purchase a home, the time is nearly right. As long as your bank has a secure future. I would love to snap up some bargins right now, but not got the funds!
Which proves you'd probably be better off keeping your savings in either cash under your bed or in a sodding current account. Gold is NOT the way to go as it's really topped off in price in the last few days. Gold would have been the way to go a year ago. But if you snooze you lose. And if you went gold now, you'd definetly lose.
